'Red or Black' has been recomissioned by ITV and has undergone a format change, which could see one lucky contestant win £3.5 million

Simon Cowell's game show - which will be fronted by Ant and Dec once again - will feature a £500,000 prize and if the total isn't won during one night then the money will roll over to the next week, which could result in one lucky contestant bagging £3.5 million.

The music mogul said: "One of the things I love most about this show is that it's exciting, unpredictable, scary, and a bit nuts all in one.

"I'm delighted it's back and am excited about the possibility of rollover winnings and some even bigger games."

'Red or Black' - which previously had a £15 million budget - will air weekly later this year and feature a number of star-studded large-scale stunts and nerve wracking challenges which will see contestants use their judgement to secure big money prizes.

Peter Fincham, ITV's director of television, added: "The scale of the challenges will still be huge but this time around, contestants will have more control over their own destinies as they are able to use their skill and judgement in an attempt to win big money prizes."

During each show, one finalist will have the chance to scoop a £500,000 jackpot in an all-or-nothing opportunity, but if they fail then they will walk away empty-handed.

Peter previously admitted 'Red or Black' - which last year saw the finalists given the chance to win £1 million by picking either red or black on a roulette wheel - would only return if major format changes were made.

Asked whether it will be recomissioned, he replied: "I haven't made that decision yet. It is a big show, the sort of thing ITV should be doing on a Saturday night. [It's a show I] want to make some changes to. I'm nearly there, but not quite ready yet."

Peter also described the programme as suffering from a "slightly bumpy ride", which is thought to have been a reference to the controversy surrounding the show after it emerged Nathan Hageman - who won the series' first ever £1 million prize - had previously spent two-and-a-half years in jail for attacking his ex-girlfriend.

Despite the show coming under fire from anti-domestic violence campaigners, the bricklayer was allowed to keep the cash.